The story of the suspension of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele by President Bola Tinubu broke the internet on Friday night as the president ordered his probe “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.”
Signed by Director, Information; Willie Bassey for Secretary to the Government of the Federation, the suspension of Emefiele from office took immediate effect while he was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.
Sequel to his sack, Emefiele was picked up by the State Security Service (SSS), hours after.
There were speculations on Friday night that the Department of State Services (DSS) arrested Emefiele shortly after he was suspended. But the law enforcement agency tweeted Saturday morning, saying the banker was not in its custody.
Later on Saturday, “the Department of State Services (DSS) hereby confirms that Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), is now in its custody for some investigative reasons,” Peter Afunanya, the spokesperson for the agency, said in a press statement.
It was gathered that Emefiele was picked up from his home in Lagos and then flown to Abuja guarded by a detachment of operatives. He was then driven to the DSS’ headquarters in the Asokoro District of the nation’s capital when sources said he was being quizzed.
Emefiele has been in battle with the DSS over some alleged terrorism financing for some time. Sources said Emefiele’s suspension cleared the coast for the DSS to bring him in for questioning and possible prosecution.
Some of the charges that may be brought against Emefiele include terrorism financing, fraudulent activities and involvement in economic crimes of national security dimension including mismanaging the CBN subsidiary, NISRAL and the central bank’s Anchor Borrowers Programme.
The DSS also accused Emefiele of fraud, money laundering, round tripping and conferment of financial benefits to self and others.
Recall that the DSS had on December 7, 2022, in an exparte application with reference no: FHC/ABJ/CS/2255/2022, sought a court order to arrest the CBN governor, on the grounds of financing terrorism, fraudulent activities and economic crimes of national security dimension.
However, the Chief Judge of the Federal High Court, Justice John Tsoho refused to grant the DSS’s application.
In his December 13, 2022, ruling, Justice Tsoho said the secret police failed to prove its claim against the CBN governor.
Mixed reactions trail Emefiele’s suspension, arrest
Meanwhile, mixed reactions have trailed the suspension of Emefiele, by President Tinubu and his arrest by DSS.
A former presidential candidate, Omoyele Sowore said, “DSS reportedly picks up / detains former CBN Governor Godwin Emefiele. In an ideal society, his main accomplice in the military, Chief of Defence Staff (CDS), General Lucky Irabor should be arrested and tried with Emefiele. Of course not leaving out former President @MBuhari as well.”
In a press release by Akume in reaction to Emefiele’s suspension, he said this policy gaffe and others were responsible for “distortions in the economy, including inflation (the rising cost of goods and services) which the CBN itself admits” under Emefiele.
According to human rights activist, Sesugh Akume, under the administration of Emefiele, the bank never followed the principles of “ways and means” loans and the loans moved from N789.6billion in May 2015 to N22.7trillion in May 2023.
The activist, however, faulted the unilateral suspension of Emefiele by President Bola Tinubu without recourse to the Nigerian senate as stated in the CBN Act 2007, adding that the act “needs to be strengthened to protect the institution of the CBN from abuses, both internal and external.”
The Labour Party (LP) has described Emefiele’s suspension as vindictive and unconstitutional.
Acting National Publicity Secretary of the party, Obiora Ifoh, said in a statement in Abuja yesterday that the party was disturbed by the decision of President Tinubu to suspend the CBN governor “albeit unconstitutionally without seeking the permission of the National Assembly and we insist that the action was not in good taste and sounds punitive.
“Drawing inspiration from what Femi Gbajabiamila, then Minority Leader, had said years ago (as quoted above) over a similar situation when President Goodluck Jonathan sacked former CBN Governor, Sanusi Lamido Sanusi, wherein he questioned the powers of the President in sacking the CBN Governor.
Folashodun Shonubi, new Acting CBN Governor
After Friday night’s suspension of Emefiele, President Tinubu tasked the Deputy Governor, Operations Directorate, Folashodun Adebisi Shonubi, with leading the country’s apex financial institution in an acting capacity.
Having served in the deputy governor role since October 2018, according to the website of the Federal Inland Revenue Service (FIRS), Shonubi has represented the CBN governor on the FIRS Board since December 9, 2019.
Born on March 7, 1962, he attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering. He further obtained a Master of Science in Mechanical Engineering in 1985 with particular interest in Production Engineering from the same university.
From 1988 to 1989, he began his study in Finance and obtained a Masters’ in Business Administration specialising in Finance.
Shonubi began his working experience as a Consultant Engineer at Mek-ind Associates and worked from 1984 to 1989. From 1989 to 1990, he was a Marketing Executive at Inlaks Computers Limited.
He moved to Citibank Nigeria Limited as Head, Treasury Operations from 1990 to 1993. He joined Agusto & Co. Ltd as a Supervising Consultant from 1993 to 1996 from where he moved to MBC International Limited as Deputy General Manager, Banking Operations and Information Technology from 1999.
In 1999, he joined First City Monument Bank (FCMB) Limited as Vice-President, Operations and Information Technology and was there till 2002.
Nigeria Air’s revelations
The Ministry of Aviation claimed Nigeria Air was only unveiled and not launched, which the committee dismissed as an attempt to divert the lawmakers’ attention.
The Interim Managing Director of Nigeria Air, Capt Dapo Olumide, on Tuesday, said the aircraft used to unveil the country’s national career was a legitimate chartered flight from Ethiopian Airlines.
Reps declare Nigeria Air launch a fraud
The House of Representatives has faulted the process leading to the launch of Nigeria Air at the tail end of former President Muhammadu Buhari’s administration, describing the exercise as a fraud.
This was made known by the Chairman of the House Committee on Aviation, Nnolim Nnaji while speaking at an investigative hearing with Airline Operators of Nigeria (AON) and representatives of the Ministry of Aviation on Tuesday.
Nnaji declared the launch of Nigeria Air a fraud after the major stakeholders in the deal between the Federal Government and Ethiopian Airlines denied knowledge of the launch.
However, the committee also passed a resolution asking the federal government to suspend the operations of Nigeria Air.
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